Long-Dead Tweeter Soars; Some Seek Twitter?

Tweeter filed for bankruptcy in November 2008, days before fellow electronics chain Circuit City, and both closed their stores soon thereafter. But TWTRQ shares are soaring on Friday for no other reason than its company name looks and sounds just like Twitter. Tweeter’s ticker symbol is also just one letter off the one Twitter chose: TWTR.

Tweeter surged 1800% to 13 cents on volume of 4.2 million shares; there’s nearly 26 million outstanding shares, according to FactSet.

Tweeter first jumped from a fraction of a cent toward four cents after Twitter disclosed last month it had confidentially filed papers with the Securities and Exchange Commission for IPO.

Shares subsequently fell back below a penny before late Thursday’s public release of Twitter’s IPO filing.

At 12:42 p.m. Eastern time, FINRA halted trading in Tweeter Home Entertainment, having determined that “an extraordinary event has occurred or is ongoing that has had a material effect on the market for the” security, according to a notice posted on its otcbb.com website.